Ben Stiller’s ‘Morning at Wal-Mart’
EmailABC's Charlie Herman reports from Fayetteville, AR: Marching bands, cheerleaders, and steppers . A gospel choir singing the national anthem. Ben Stiller emceeing. Miley Cyrus singing. American Idol winner Kris Allen crooning. And a brief visit from Michael Jordan. It’s Wal-Mart’s annual shareholder meeting-via-pep rally in Fayetteville, Arkansas, with nearly 16,000 screaming and cheering guests in attendance. But it wasn’t all bread and circus. There were financial presentations and shareholder proposals to votes on as well as a presentation by the company’s new CEO, Mike Duke. Duke used his speech to tell the audience that the economic crisis has brought a “fundamental shift in consumer attitudes and behavior.” He declared “there is a ‘new normal’ in which people want to save money and are getting smarter about saving money.” Duke said this new reality presents an opportunity for Wal-Mart, the nation’s largest retailer and private employer, to expand as other companies struggle in the current recession, especially the company’s competitors such as Target and Costco who have seen their sales drop. “We must seize this moment in time,” said Duke who later added, “Never has here been a time when the strengths of our company were more aligned with what the world needs than right now.” The stars have aligned for Wal-Mart in the current downturn. Three years ago, the company announced it would reduce the number of stores it planned to open and instead focus on refurbishing existing stores through measures such as reducing clutter and clearing central aisles, lowering sight lines, and in some cases, selling fewer but more popular items. The changes came into full effect just as the recession hit consumers who started buying only necessities and looking for them at lower prices. But what was lacking from the speeches and presentations, as well as a tour of Wal-Mart stores for the media the day before, were specifics about just how Wal-Mart plans to continue expanding its business domestically and abroad. “This is not a time to take comfort in our success. This is Wal-Mart’s time to look to the future and seize the opportunity to lead around the world,” said Duke. Wal-Mart has succeeded in the face of a global recession described as the worst since the Great Depression. When the economy begins to grow again, as some believe could happen as early as the end of this year, Wal-Mart will be well-positioned. But nothing is guaranteed the world of retail. One significant question is whether or not it can hold on to those consumers who traded down from other stores to shop at Wal-Mart during the recession. Stay tuned.
RSS
Twitter
Facebook
Wal-Mart Stores, Inc changed its logo to Walmart* about a year ago and is spending millions to make the change on its storefronts and web site.
Posted by: Paul Tiffany | June 5, 2009, 2:05 pm 2:05 pm
This is really GREAT news,…for the Communist Chinese. Between all the illigal aliens your Mao-mart stores hire and having 90% of your Chinese slave labour products dumped in the U.S.A., your profits should skyrocket! I suppose, at least, untill there are absolutly no manufacturing jobs here at home. With no paychecks we won’t be able to buy junk, lead based crap from your pals, the Chinese!
Posted by: r finley | June 5, 2009, 2:06 pm 2:06 pm
I work for a company who is building a Walmart in Sterling, VA. They won’t pay the subcontractors or the GC. How do you think this add makes me feel, when I’m forced financially to budget-shop at Wallyworld on Sundays when I worry our paychecks may start to bounce? Meanwhile Walmart just keeps bouncing back. It is June 5, and everyone is waiting to get paid for FEBRUARY work! Send this to Mr. CEO.
Posted by: Patty Konz | June 5, 2009, 2:16 pm 2:16 pm
This is all great news that Wal-Mart is doing so good while the rest of us are stuggling.
My son works at a Wal-Mart and instead of him doing good, the Wal-Mart manager is cutting my sons hours in sporting goods. Instead of him getting his normal 32 hours per week, the manager cut him to 20 hours. Just so he, the manager, can get that BIG BONUS check in the quarter. This is wrong, you need to take care of your employees, they are what makes the store…not the stinken manager.
My son has a truck to pay for and depends on his 32 hours per week to pay for his truck, insurance, etc. Luckly he is still living at home.
Posted by: wvhunter | June 5, 2009, 2:17 pm 2:17 pm
I am amazed that this should surprise anyone. How long have the Walmart family been on the list of the top billionaires list? This is old news. Walmart has always had sad labor practices, not to mention other scandals for their company. As for their selling chinese products, one would be hard pressed, (as seen on a national news special) that purchasing anything made in American other than a car is next to impossible. I have never, nor will I ever enter a Walmart building. I’ll shop at the dollar stores instead.
Posted by: Jeanette | June 5, 2009, 2:44 pm 2:44 pm
The stuff at the dollar stores are usually not made in America either.
I hope America can become competitive once again.
Posted by: ddg | June 6, 2009, 6:10 pm 6:10 pm
Unlike Target and Costco who got their beginnings in large cities with ferocious competitors, Walmart’s marketing strategy, that made it billions, was to take its stores into smaller communities that didn’t have much competition and grow from there, and it worked. They are on top of the game, especially with a flat economy, skyrocketing unemployment rates and gasoline prices, homeowners threatened with foreclosures, and everyone looking for a few ways to cut costs. Even Walmart managers look for ways to cut costs. I once worked for Walmart too. When one lives in a smaller community with limited jobs, Walmart is always an excellent employer, but the work is hard. After Christmas 2008, everyone’s hours were cut in the Walmart where I worked. It was difficult when Walmart only hires only part-time to begin with. Then there is the practice of promoting from within only. Sure it sounds good, but get a manager who is well liked, an excellent worker, but lacks the skills and ability to manage and watch out employees. That type of manager can make a workplace hell. Another thing is that Walmart stocks fashion for the casual wearer on leisure time. I would like to suggest to the new Walmart CEO, Mike Duke, that he needs to hire some new buyers, especially in women’s wear, change some of their hiring practices, and get their managers better management training.
Posted by: lyndable | June 7, 2009, 5:20 am 5:20 am
I am ready to give up on this site for world news. The vast majority of items listed are similar to those on home or us and focus almost exclusively on this country. Is nothing else happening in the world?
Posted by: duber | June 8, 2009, 12:35 pm 12:35 pm
No self-respecting American would be caught dead buying anything made in China. There’s simply no excuse. If it’s made in China, it’s unlikely that you even need it. A human needs food, shelter, clothing and medicine. It’s easy to find food that is made in the US. Shelter obviously is something that we buy here. Clothing can be bought second hand so that even if it is made in China, the money you spend will go to an American business. And medicine, if you’re lucky enough to get it, isn’t made in China.
And Ben Stiller ought to be ashamed of himself. I will never watch another one of his movies.
Posted by: Hilary Smith | June 27, 2009, 7:02 pm 7:02 pm
“Walmart has always had sad labor practices”
They are actually excellent practices: the company is so popular with employees that it has attracted more of them than any other company in the country.
They pay people a fair amount for the work they do, and they protect the workers from union thugs who try to steal the workers’ money in forced dues (Walmart workers are perfectly free to give to a any union if they want to).
Good for Ben Stiller to stand up to all of this racist China-bashing.
Posted by: none | November 26, 2009, 5:54 pm 5:54 pm